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Asian stocks edged up on Monday, following gains on Wall Street, which hit record highs on expectations U.S. lawmakers will pass a long-awaited tax bill.
MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.1 percent, after rising 0.8 percent last week.
In the Middle East, stock markets edged up in quiet trade on Sunday, with construction and building materials stocks boosting Saudi Arabia ahead of the release of its 2018 state budget this week.
Saudi Arabia's index added 0.3 percent as builder Khodari surged 7.6 percent in its heaviest trade since January. Najran Cement gained 4.5 percent and in addition to Khodari, the 10 best-performing stocks featured six cement producers.
The Dubai index edged up 0.3 percent as construction firm Drake & Scull was the most heavily traded stock, rising 1.4 percent.
In Abu Dhabi, the index added 0.2 percent.
In Egypt, the index climbed 0.3 percent as Egypt Gas Co, which handles natural gas engineering and maintenance work, soared 10 percent.
In commodities, oil markets were stable on Monday, hovering around Friday’s levels as a lack of conclusive market indicators prevented prices from swinging either way.
U.S. West Texas Intermediate (WTI) crude futures were at $57.33 a barrel at 0105 GMT, up 3 cents from their last settlement.
Brent crude futures, the international benchmark for oil prices, were at $63.24 a barrel, virtually unchanged from their last close.
In currencies, the dollar held modest gains against the euro and yen on Monday, having received a lift after U.S. tax reform efforts moved another step closer to ratification over the weekend.
Spot gold ticked lower on Monday to $1,253.36.
In other news, Egypt's strategic wheat reserves are enough to meet consumption needs until the beginning of the harvest season in the second half of April, Supply Ministry spokesman Mamdouh Ramadan said on Sunday.
For access to market moving insight, subscribe to the Trading Middle East newsletter by clicking here
© ZAWYA 2017
MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.1 percent, after rising 0.8 percent last week.
In the Middle East, stock markets edged up in quiet trade on Sunday, with construction and building materials stocks boosting Saudi Arabia ahead of the release of its 2018 state budget this week.
Saudi Arabia's index added 0.3 percent as builder Khodari surged 7.6 percent in its heaviest trade since January. Najran Cement gained 4.5 percent and in addition to Khodari, the 10 best-performing stocks featured six cement producers.
The Dubai index edged up 0.3 percent as construction firm Drake & Scull was the most heavily traded stock, rising 1.4 percent.
In Abu Dhabi, the index added 0.2 percent.
In Egypt, the index climbed 0.3 percent as Egypt Gas Co, which handles natural gas engineering and maintenance work, soared 10 percent.
In commodities, oil markets were stable on Monday, hovering around Friday’s levels as a lack of conclusive market indicators prevented prices from swinging either way.
U.S. West Texas Intermediate (WTI) crude futures were at $57.33 a barrel at 0105 GMT, up 3 cents from their last settlement.
Brent crude futures, the international benchmark for oil prices, were at $63.24 a barrel, virtually unchanged from their last close.
In currencies, the dollar held modest gains against the euro and yen on Monday, having received a lift after U.S. tax reform efforts moved another step closer to ratification over the weekend.
Spot gold ticked lower on Monday to $1,253.36.
In other news, Egypt's strategic wheat reserves are enough to meet consumption needs until the beginning of the harvest season in the second half of April, Supply Ministry spokesman Mamdouh Ramadan said on Sunday.
For access to market moving insight, subscribe to the Trading Middle East newsletter by clicking here
© ZAWYA 2017
